Accidentally got cash out of ATM using credit card not cashpoint

[Deleted User]

Credit card I pay off every month. Last months payment is due in a few days but bill will be in a week or two.

OK I understand I've got to pay a cash advance fee now and interest daily on this until its paid.

BUT does this affect anything else? If I pay off entire bill this month (as per normal) then next month this cash will be on the bill. If I pay this off in full what interest will be due? Just the interest accrued from day 1 on the cash.

BTW if I pay extra off this month will this pay off the cash balance first? i.e. if it was £50 advance and I pay bill PLUS £50 will the cash advance then have been paid off?

[purplesignup][/purplesignup]

Jonmenzies

Sorry I don't understand. You accidentally got cash out of ATM, not cashpoint. I thought cashpoint was just a term used by Lloyds bank which means ATM.

jd87

[quote=[Deleted User];discussion/5690839] If I pay off entire bill this month (as per normal) then next month this cash will be on the bill. If I pay this off in full what interest will be due? Just the interest accrued from day 1 on the cash.[/QUOTE]

I'm 95% sure that payments come off the most "expensive" part of the balance first (i.e. it works in your favour) so whatever you pay off will cover the cash and interest will stop being charged on it (but don't worry, as long as you've paid more than the minimum payment, your bill will also be considered covered too, you'd just have to pay off the rest on the next month).

[quote=[Deleted User];discussion/5690839]BTW if I pay extra off this month will this pay off the cash balance first? i.e. if it was £50 advance and I pay bill PLUS £50 will the cash advance then have been paid off?[/QUOTE]
Yes it will be paid off.

Ben8282

Payments will first be allocated to transactions which have already appeared on a statement. Therefore any payments made will first be applied to the amount of the last bill. Payments in excess of that amount will be then be applied to unstatemented transactions in the appropriate order which will mean that the cash withdrawal will be paid off before any current purchases.
Unless the cash withdrawal was for a very large amount, don't worry too much about the interest. On a typical card the interest on £100 for a whole month would only be around £1.50.
All you need to do to stop interest and pay off the cash advance is to make an additional payment of the value of the cash advance plus the cash advance fee at the same time as you pay the current bill.

molerat

Ben8282 wrote: »

Payments will first be allocated to transactions which have already appeared on a statement. Therefore any payments made will first be applied to the amount of the last bill. Payments in excess of that amount will be then be applied to unstatemented transactions in the appropriate order which will mean that the cash withdrawal will be paid off before any current purchases. ...................

Not necessarily so. MBNA, for one, will pay off the highest interest accruing items even if they have not appeared on a statement ahead of those lower interest items that have. OP needs to read and understand the T&Cs of their particular card.

agrinnall

Jonmenzies wrote: »

Sorry I don't understand. You accidentally got cash out of ATM, not cashpoint. I thought cashpoint was just a term used by Lloyds bank which means ATM.

It's pretty obvious I think that the OP means they used a credit card rather than a debit card and have just used the wrong terminology. Your post adds nothing useful to the thread.

[Deleted User]

Jonmenzies wrote: »

Sorry I don't understand. You accidentally got cash out of ATM, not cashpoint. I thought cashpoint was just a term used by Lloyds bank which means ATM.

Accidentally used credit card not cashpoint card.

chattychappy

agrinnall wrote: »

It's pretty obvious I think that the OP means they used a credit card rather than a debit card and have just used the wrong terminology. Your post adds nothing useful to the thread.

On that logic, neither does yours. Unless it wasn't "pretty obvious" and you were really being helpful...

TadleyBaggie

agrinnall wrote: »

It's pretty obvious I think that the OP means they used a credit card rather than a debit card and have just used the wrong terminology. Your post adds nothing useful to the thread.

I think you are being a bit harsh, it wasn't obvious to me either. I had no idea what cashpoint was referring to.

noh

I'm guessing you are using the same PIN for your debit and credit card which makes a mistake like this more likely. If so it is advisable to change your credit card PIN to minimise the chance of the same mistake happening again.

YorkshireBoy

noh wrote: »

If so it is advisable to change your credit card PIN to minimise the chance of the same mistake happening again.

It's also advisable to read any messages on screen, particularly the one saying "your card provider may make a charge for this transaction"...which is not displayed for debit card transactions.